I would like to be able to execute previous breakpoint that I've just stepped over
I know Android Studio is based on Intellij Idea where it's possible link here. Similar question asking the same but its related to Eclipse IDE link here
There is also one answer that say's it's impossible. link here
I can see "Drop Frame" button. But it's disabled by default.
So is there any way to enable this button?
The answer you are referring to regarding Eclipse is still valid for Android Studio:
You cannot step back to previous breakpoint in Android Studio because DalvikVM and Android Runtime (ART) do not support it.
You can enable the "Drop Frame" button if you debug JUnit tests as they run on a standard virtual machine (although I'm guessing this is not what you are after).
It is probably the only reason why the button exists.
Google's User Guide ignores it completely.